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NNPC Speaks on N3.3trn Subsidy Inflation

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The Nigerian National Petroleum Company Limited (NNPC Ltd) has reacted ro reports of inflating subsidies for petroleum products to the tune of N3.3 trillion.

According to the NNPCL, it is shocked by the news that it overstated its requests for subsidies by the huge sum, saying its operations are in accordance with global best practices, transparency, and accountability.

NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, in a statement on Monday, denied knowledge about any audit or subsequent investigation into the company’s subsidy claims.

Labeling the insinuations as absurd, saying they were the result of the reporters’ feverish imaginations, Soneye said;

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“NNPC Ltd. conducts its businesses accountably and transparently in keeping with international best practices and has, at no time, inflated its subsidy claims with the Federal Government. All previous subsidy claims by the Company are verifiable, as relevant records and documents have been sent to relevant authorities and agencies.

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“NNPC Ltd. is neither aware of any audit of its subsidy claims nor the probe ensuing therefrom and wishes to state categorically that both ridiculous claims are products of the febrile imagination of the reporters and their respective media houses.

“NNPC Ltd. will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on a commercial basis and the express provisions of the Petroleum Industry Act (PIA).

“It is on record that, in line with its Transparency, Accountability & Performance Excellence (TAPE) mantra, NNPC Ltd. has, on several occasions, independently invited external auditors to review its books.

“NNPC Ltd. calls on media practitioners and media houses to exercise restraint and verify information before publication in keeping with the ethics of the noble profession of journalism to avoid misleading the public.”

Recall that President Bola Tinubu announced an end to petrol subsidies during his inauguration speech, saying “it is gone”.

The President’s announcement saw the price of petroleum products skyrocket with Premium Motor Spirit selling as high as N810 in certain areas.

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Written by Tare Magbei

Tare Magbei is a media practitioner with Daily Report Nigeria.

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